Stocks fell sharply on Thursday as continuing fears over U.S.-China trade relations and concern over a possible global economic slowdown kept investors on edge.
The Dow Jones Industrial Average dropped 685 points, bringing its two-day losses to more than 1,400 points as Apple shares fell. The S&P 500 fell 2.4 percent, led by a decline in bank shares like J.P. Morgan Chase, while the Nasdaq Composite also dropped 1.9 percent. The S&P 500 fell back into correction territory, down 10 percent from its 52-week high.
Trade fears ratcheted up after news broke Wednesday that Huawei CFO Meng Wanzhou was arrested by Canadian authorities in Vancouver, where she faces extradition to the U.S. The arrest — which took place Dec. 1 — decreases the likelihood that a permanent U.S.-China trade deal will be reached.